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Economic Terms.
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Published on Feb 09, 2016
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1.
ECONOMY
A system in which people get the things they need or want.
2.
NEED
Things you need to survive
3.
WANT
Things you desire
4.
BUDGET
A amount of money a person can spend over a certain period of time
5.
TRADE
When people in different nations exchange goods and services.
6.
GOODS
Things people use
7.
SERVICES
Something you do for others.
8.
PRODUCERS
People who create goods or produced services.
9.
CONSUMERS
People who purchase or use goods and services
10.
PRICES TO INCREASE
Either high demand or low supply
11.
PRICES TO DECREASE
Large supply or low demand
12.
SUPPLY
The amount of a good they have in stock
13.
DEMAND
Amount of a good people want
14.
PROFIT
Amount of money you have left over
15.
SCARCITY
Limited amount of sources
16.
INDERDEPENDENCE
Two things that depend on each other
Payton Goodwin
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